What is a Tax Sale and when is it held?
A Tax Sale is held each year when there are prior year delinquent property taxes and/or water & sewer charges. The sale is usually held sometime after September of the year, in the Meeting Room of Borough Hall. We are not selling your property, but we are selling a lien on your property for the amount of delinquent charges as well as interest and penalties. The Borough of Stanhope will sell the lien at auction to interested parties at a rate not to exceed 18%, and you will have two years in which to pay back the lien or potentially face foreclosure by the lien holder. During the two year period following the Tax Sale, the lien holder will have the right to make subsequent payments on your delinquent billings, and they will accrue interest on those payments made on the residents behalf. To redeem the lien, the homeowner will need to pay all charges at one time no payment plan is available on the redemption of a lien. – Last Update: June 30, 2009 which is 562 days ago.
